With bank interest rates hitting 55%, Trabzonspor opts for capital increase
August 28 – Ertuğrul Doğan, the president of Turkey’s Trabzonspor, is withdrawing the club from its loan agreement with the Banks Association of Turkey and instead raising money through an increase in capital.
Dogan made his statement via the official club website, saying the club was paying TL 600 million (€15.7 m) interest annually.
“As Trabzonspor, with the capital increase application we made, we will officially leave the Banks Association of Turkey with the resources we will obtain and close all our bank loans.
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